Closing Bell 09.10.07

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Closing Bell is sponsored by the Financial Times.
Not too much volatility in the markets today. Everyone apparently waiting on tenter hooks (whatever those are) for market data and Federal Reserves big day next week. The stock market indexes went up and just sort of stayed there. The DJIA up 11bps, the Nasdaq down -0.26%, and the S&P 500 down -0.13%.
Economists and traders fearing a recession are counting on the Fed to cut interest rates and come to the rescue. According to CNBC, a survey initiated by the National Association of Business Economics suggest recession is the #1 risk to our economy. Wow. Those folks at NABE are insightful.
Are bond funds next? Looks like corporate bonds are the next group of “man overboard!” investments the investors are looking to dump sooner rather than later.
Looks like the “average” hedge fund was down in August. Many underperformed against major market indexes. Hardest hit – quant funds relying on black box trading. Time to take the yoke off auto-pilot, boys! This begs the question – is there really an “average” hedge fund?
Thanks to Joe Lewis, things at Bear are looking up. Thanks to more subprime woes, things at WaMu ,Wachovia, and Countrywide are seeing higher loses and additional job cuts in the near future.
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